There are two main approaches to business planning—traditional and business model. Because of their unique characteristics, NBDC recommends that technology commercialization clients begin with business modeling. To start:
- Explore the videos and articles about the lean business model we have supplied.
- Download a business model template and develop your first test canvas.
- Contact an NBDC consultant for review and recommendations.
- Traditional: This is relatively easy to develop if you already have all the data and you know your target audience, e.g. lender, investor, partner, etc. However, If you are starting an innovative business, this can be challenging because you have more unknowns than factual data. Example of business plan template (SCORE)
- Business Model Generation: In this approach, you identify your key business areas: Value Propositions, Channels, Customer Segments, Resources, Cost Structure, Revenue Streams etc., then develop, test and tweak alternative business models. This approach works better for innovative businesses because it allows for flexibility and quick model changes (pivots), requires earlier customer contact and improves chances for marketplace penetration.